Consumer Duty will continue to challenge the market claims DACB
DAC Beachcroft has released its predictions for 2024, including that Consumer Duty will challenge the market and about the impact of AI on insurance products.
Following the introduction of the Consumer Duty on 31 July 2023, the law firm predicted it would be an expanding feature of regulatory enforcement action against firms.
It will no longer be enough to show relevant rules were complied with, but rather firms will have to demonstrate the extra measures they detected as required to meet the four obligations that make up the Duty. Firms will also have to show the steps they took to make sure those measures were carried out.
The report also predicted
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Most read
- Cost-of-living crisis pushes up premium finance demand
- Ardonagh strikes A$2.3bn PSC deal
- Acrisure expands in southern England with two buys